Last Will and Testament

Plan for when it is too late.

There are 2 definitions of an Estate:

  1. an extensive area of land in the country, usually with a large house, owned by one person, family, or organization.
  2. all the money and property owned by a particular person, especially at death.

We need to talk about the second definition.

Death is such an uncomfortable subject. Most don’t want to think about it, definitely don’t want to talk about it, never mind planning for it. Some fear death, and some just believe they are invincible.

One reason could be that, it is not really your problem. If you are no longer around, then it doesn’t really matter. But, it does. Especially if you have a family that depends on you.

The other reason could be that there are so many things that you don’t understand about the paperwork and taxes around dying. (Yes…taxes! It costs money, and you have to plan for that.)

So, while we have some time on our hands, let’s talk details.

If you are in an accident, and cannot speak for yourself, have you decided what you would like to say? Do you want to be resuscitated? Do you want to stay on a ventilator? You can have your say in a Living Will. If you do draft one, be sure that your emergency contacts know about this document, and what your wishes are.

If you do not survive an illness or accident, and pass away, there will be a lot of questions. You are probably responsible for paying some bills, your family has to survive financially, and you have passwords for bank accounts and emails and computers and Facebook. Perhaps even Tik Tok.

If you are divorced, and have kids, the child support agreements and divorce orders will have an impact on your current relationship or marriage, and you need to plan for that.

Most people will think that a Last Will would address all of these scenarios, but that is unfortunately not true. They get solved with a well thought out plan, where all scenarios get mentioned and mapped out.

There are clever ways available of saving money and taxes on an estate, but you have to prepare for that in advance. Unless, of course, you want the state to get hold of your Estate and decide what will happen with everything that you owned.

At Momentum Irene we can help you plan for the inevitable, even during lockdown.

There are numerous technological ways that we can communicate with each other without actually meeting face to face.

Let us take you for a virtual coffee, and talk about you, for when you can’t.

Article by Michael Pfister, Franchise Principle at Momentum Irene. Michael joined Momentum in 2014, and has been in the Financial Planning industry since 2004.


If you take a look at businesses today, it is all about budgets and targets, and achieving them by any means possible. To be honest, it is no different in the financial industry. It is a numbers game. The more cases you close, the more money you will make. Similar to any retail shop, really. The more people through your door, the more bread you can sell, the higher your profit.

There is a significant difference though – Financial Planners have their clients’ livelihoods in their hands.

How many financial advisors have you dealt with in your life? How many didn’t answer and/or return your calls? Just ignored your email when you were in need of assistance, needed to make a change, or take a payment holiday?

The Salesman

A salesman is only in it for the money, and you can spot them easily. They go door-to-door selling you a hoover or a policy. They are not concerned with what you need or how much you can afford. They are only trying to reach their quota. They do not offer solutions and do not educate.

If your Financial Planner’s goal is chasing money and wealth, there are some tell-tale signs from the start.

  1. Are they asking you about YOUR needs? (They really should)
  2. Are they telling you what you need, without taking your financial situation and financial goals into consideration? (They really shouldn’t)
  3. Are they trying to sell you the maximum number of products, at the highest price?

The above approach is often used when giving financial advice to clients – making all high earning products and services most appealing to close the deal. A Salesman will generally look at an upfront commission instead of a monthly commission. (Note, this is not ALWAYS the case – discuss your options with your financial advisor). Their focus moves away from the clients’ needs and is rather focused on the sale opportunity – don’t get fooled by the smooth-talking Salesman.   

The Financial Advisor

Any Financial Advisor worth his/her salt, is there to help their client with proper financial plans and strategies by giving financial advice. A first session with your advisor should start with a Financial Needs Analysis (find out what is a Financial Needs Analysis)

Based on the results of the FNA, the advisor should advise on smart financial strategies, investment planning, cash management, education, last will and testament and other areas to help the clients reach their financial objectives and goals.

By law, a financial advisor should review a client’s financial plan at least once per year.

The relationship between client and advisor must be built on trust. To achieve that, they must listen to you, care about you future and give the right advice, for the appropriate time in your life and financial situation. This will build a long and trusting relationship with one advisor where you grow together, and you are not purely a number on your Advisor’s monthly quota.

Let us take you for a coffee, and tell you more.

Article written by Johan Vermaak. Johan joined Momentum Irene in 2019 as a Financial Advisor.
Financial Planning Jargon

Why a Financial Needs Analysis (FNA)?

Picture yourself going to a doctor, paying upwards from R500 for the consultation, and he merely looked at you, and gave you a prescription for chronic medication, upwards of R1 000 per month. He didn’t take your temperature, measured your blood pressure or asked about your symptoms. You would not feel confident that you made the right decision going to that specific doctor, and you would probably fork out another R500 for a second opinion.

With the above scenario in mind, ask yourself – why take a risk with your life, life savings and retirement with someone who doesn’t know anything about you?

Any Financial Planner worth his salt will never sell you a product, but a solution. The solution will be put together based on the information gathered from the FNA – Financial Needs Analysis.

A proper Financial Needs Analysis records a client’s goals and needs at a specific time, and provides a point of reference when the annual review of the client’s portfolio takes place. There is a skill involved in asking the right questions and understanding the client’s wishes and circumstances.

This provides the planner and the client with a point of reference to base amendments on, for example when a client gets married or has children. The FNA gives the Planner the opportunity to assist the client holistically by offering assistance on how to improve the structure of a budget or debt, provisions to be made for children’s education, the implication of a client’s will  in terms of provisions like guardianship and estate duty, retirement planning, future needs and goals and of course insurance to make provision for the unforeseen.

If you have not had a FNA done, chances of you finding yourself around a boardroom table,  or listening to the radio, overhearing a conversation about life insurance and retirement, and you realise you don’t know if you have enough. Perhaps you don’t even know how much you have. Or what you have. What is enough? Do you know the answer?

 In his book “Start with Why”, Simon Sinek wrote: “You don’t know what you don’t know; never was there a truer sentence ever spoken. The question is, knowing we don’t know everything, what’s the best way to learn more? 

The answer is ironically obvious: look outside. I’m not talking about some existential vantage point, I mean literally, look outside. Step away from your desk and do something, see something, read something or listen to something that has nothing to do with your work. Do something that has nothing to do with what you know”

Failing to plan is planning to fail, and herein is the value of a FNA and the right financial planner.

Written by Douw Steyn – Douw joined Momentum in 2018, and Momentum Irene in 2019. He holds a degree in B Com Business Management , and completed his Post Grad in Financial Planning.